Businesses and governmental agencies face a number of growing problems associated with fraudulent activities that have proven very difficult to detect and stop. Such activities can include identity-related fraud such as identity theft, account takeover, and/or synthetic identity creation. Fraudsters, for example, can apply for credit, payments, benefits, tax refunds, etc. by misrepresenting their identity as another adult, a child, or even a deceased person. The associated revenue loss to the businesses and/or government agencies can be significant, and the technical and emotional burden on the victim to rectify their public, private, and/or credit records can be onerous.
Identity theft, for example, can occur when an individual's identity is used by another person for personal gain. In certain cases, by the time such fraudulent activity is discovered, the damage has already been done and the perpetrator has moved on. Technically well-informed fraud perpetrators with sophisticated deception schemes are likely to continue developing, refining, and applying fraudulent schemes, particularly if fraud detection and prevention mechanisms are not in place.